Earnings: Citigroup (C) Q3 profit and revenue beat estimates

Citigroup Inc. (NYSE: C) on Friday reported flat earnings and higher revenues for the third quarter of 2023. The results exceeded analysts’ forecasts.

The banking behemoth reported a net income of $3.5 billion or $1.63 per share for the September quarter, which is unchanged from the profit it generated in the corresponding period of last year. The latest number beat Wall Street’s projection. Total revenues moved up 9% annually to $20.1 billion and exceeded estimates.

“Despite the headwinds, our five core, interconnected businesses each posted revenue growth resulting in overall growth of 9%. Services, our fastest-growing business, grew by 13% with Treasury and Trade Solutions having its best quarter in a decade. Markets was up 10% driven by strength in Fixed Income,” said Citi’s CEO Jane Fraser.

Prior Performance